The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-02-25
LEeIsLATIve NoTRs.

LEGISLATIVE NoTRS.
The Committee on Finance, Ways
and Means this mogaing rep red the
b,ll to fund the bonds Of the State H.
cludsd ia the Peabody fond for re.
lection.
The members OF tie Subcommittee
on Charitable Institutions have rs-
turned from BIlivar, whittier they
went TO visit the West Tennessee
Hospital for the Insane. Mr. Miller,
chairman of the committee ON the
part of the House, says that the asy-
lum will be completed by July or Au-
gust of next year if the state makes
the appropriation of $4,000 recon-
mended by Gov. Taylor and all the
members OF the C mmittee, for which
bill has been introduced this session
About $35, 200 of the $4,000 already
appropriated has been expended. Tue
total cost of the asylum will be in the
neiehborhood of 100000.
Speaker Clapp's bill to amend the
usury laws of the Stare and to estsb,
lish Ia conventional rats Of interest,"
introduced in the House this mora
ing, 10 a measure of general interest.
The first section Of the bill provides
that hereafter 1t shall be lawful to con-
tract for any rate Of intsrest not ex.
ceeding per cent. per annum; pro-
vided, that the rate Of interest be in
wr ting, and expressed in the fsce OF
the instrument creating the debt or
obligation, and where judgement or
decree shall be recovered as such writ
ten contract, it shall bear the same rate
of interest as the written instrument
upon which the judgment or decree is
based, and shall be 30 expressed in the
Judgment or decree, and expressed
upon the execution issued thereon.
The second section provides that q
Iate OF interest now established by law
shall continue equal aud uniform
throughout the State as heretofore.
and no greater ini crest than 6per cent,
per snnum shall be received on any
contract or obligation, unless agreed TO
by the parties, and reduced to writing
in the face of the contract or obliga-
ton, according to the provisions Of the
first section of this act.
The third section, relating to PEN
atty, provides that If any psrson or
persons shall violate the provisions OF
this act, and shall contract for a
greater rate OF interest than s per
cent. per annum, as herein provided,
it shall be unlawful, and II
any action or suia shall be
hereafter commenced upon any
bond, note, mortgage, agreement,
contract, promise, assurance or special
ty whatever, whiCh shall be made
within this State, the defendant may
show in his defense, either by pleas,
answer or otherwise, that higher
or greater rate of interest than per
cent. per annum was therein or there
by agreed for or received or taken,
and If the plea, answer or other de.
lenses OF the defendant 10 any suit
shall be sus aimed by the verdict of
the jury on the finding OF the court,
the court shall render judgment for
the real sum of money or price OF the
commodity actually lent, advanced or
sold and interest on the same at the
rate OF s per cent. per annum, upon
which judgment the court shall
cause an order to be made set
ting apart the whole interest
for the use OF the county 10 which said
suit may be brought for the use of
common schools, and the same when
collected shall be paid over according
ly, and go to and form part of the
common school fund OF said county,
and the defendant may recover his
costs. The bill is to take effect from
and after its passage.